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tv   Markets Now  FOX Business  December 6, 2012 11:00am-1:00pm EST

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stoned? that is my image. that is what i want. enough. dagen and connell, get me out of this. connell: that is not right at all. dagen: i said frugal, not cheap. stuart: it is yours. connell: we have breaking news to start out the show. someone leaving the senate. we will have the fallout for this move. dagen: cliffhanger, what if the incentive for the president to cut a deal with the republican. connell: we have been talking about the next great government bailout.
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saving the federal housing administration. connell: heading up amazon for a billion dollars in back taxes. connell: stocks now every 15 minutes. we are watching apple today. nicole: it was down over 20% from highs of september. take a look. it is in the green. everybody has been focusing on powerful so much lately. obviously, so when he issues. ipods losing market share. iphones just not doing that well in china. there it is. back in the green. let's take a look at the major market averages. the dow jones industrial average is up.
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the nasdaq is also in the green, as well as, the s&p 500. daaen: thank you. connell: dan had injured reporting that he will be leaving his post next month. >> the opportunity presented itself. this was the moment to either take this job or not. i think he felt with the senate transitioning into a new year this was the moment to make the move. he took it. connell: it would have been a six year term. this is early. >> it is a reflection of the frustration. i think it probably would have
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won the election, maybe this would not have happened. now, with what we have seen, with the fiscal cliff, it is virtually impossible. i think that senator demint can do more running the heritage foundation the way she would like to rather than sitting in the senate. dagen: does this also speak to him resigning from the senate, the power of the tea party, perhaps? >> i do not know it is the waning power of the tea party. i spoke with senator demint out and he feels that we have to do a better job with that. i believe that he thinks he can take the heritage network, and
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they do have operations around the country, at the state level, find out what works at the state and local level. there are models, social policy, education, welfare that have had some success out in the country that reflects conservative ideas. match that with the researchers in washington that to the policy work for heritage. connell: i think a lot of people will hear or read about this today and think about the conversation we have been having about the future of the republican party. does the tea party still have, you know, lindsey graham just put a statement out saying he is very disappointed that demint is leaving. the conservative movement lost a strong voice. he will do a great job at heritage. is this part of that story?
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>> i think senator demint believes that the republican message going into the election was a strong one. it just simply was not well articulated. i agree with senator demint. i do not believe that the republican party has to transform its position and become more moderate. take an idea like economic growth. the difference between 2% growth and 3.5% is a different like night and day. senator demint told me he started his career as a market researcher and advertising. he knows how to communicate with people. he became very frustrated sitting in the senate failing to do anything about it. governor nikki haley has to name
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a successor. that successor will join and january. his successor, whoever she names, will have to run in 2014 in a special election. that person and senator lindsey graham will both be running at the same time in 2014 and south carolina. dagen: very interesting. dan henninger. thank you very much. connell: it is time for the fha to get in the hot seat. shaun donovan appearing before the committee. dagen: it begins with 3.5% down. that is your down payment if you need an fha loan. peter barnes standing by with more. peter: a bailout is coming.
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the housing secretary cannot rule it out. he is highly concerned that there may be one. they found it has a 13.6, pardon me, $16.3 billion capital reserve shortfall. they say it is too soon to say whether the fha will need any money from the treasury. they are increasing fees and making other changes to avoid a bailout. >> it is time to get serious reform for fha. if it is not too late already. right now, the question is quickly becoming not if, but when. peter: the final accounting would be done at the end of fiscal year 2013. the administration says it will
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not signal his intentions on getting funding from the treasury from the fha until it releases its 2014 budget. this february, the fha, as you recall, insurers riskier lower down payment homes. connell: peter barnes in washington. we will take this right into our next guest. alex sharpton is with us. it is good to have you. the significance you think of an fha bailout, if it comes to that. >> i do not think it will be ruled out. we probably will have some type of popping off of the fha. if you look at where we stand right now, as an economy, we have a very modest recovery. it is most likely going to happen. connell: the significance of it is, in your mind, what?
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>> what needs to happen is we need to take note that we are subsidizing the fha again. while the fha is great for lower income borrowers, we are still allowing people to buy properties where they want after they post on the property, they are upside down on our property. that is where we need to be cautious. connell: we talk about it all the time, the housing numbers that are showing improvement. if people are only putting down, you know, the 3.5%, are we getting ourselves into a similar hole to the ones we are trying to dig ourseeves out of? >> unfortunately, we may have. the loans that the fha have increased in the past ten years, has increased tenfold. when you look at that type of fan increase in the increased exposure for the fha, there are
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years were barely fha loans were written. today it is a very big percentage of the market. we need to prophet fha up short term and then reform the lending standards and the expense of those loans. otherwise, we will be propping up the fha every three to four years. someone buys a property with 3.5% down. the cost of the sale is eight to 10% on the day they buy the property, they are locked in, they are upside down. you will not cover that for a number of months or years. connell: all right, alex, good to have you on, by the way. thank you. >> thank you, connell. dagen: his friends in hollywood will take quite the hit if we go over that fiscal cliff. connell: apples chief executive
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says he is ready to bring some manufacturing.com. back to america. we are talking about a lots about apple apple the past few days. talking about cliffs. apples chart looks like one lately. why do you like what bad things happen to, well, anyone? dagen: rhetorical question. ♪ want to try to crack it? yeah, that's the way to do it!
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now we need a ltle bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who undstand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals ho helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... youefforts result in the quality of care d service we're able to provide... which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana.
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connell: it is a quarter past the hour, just about. let's go to nicole petallides at the new york stock exchange. nicole: there you go. i am glad it is working. let's take a look at lulu lemon. the stock is actually higher. you think of maybe overpriced deals. they are very good and very good quality. it is based in canada.
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the stock is to the upside. part of a profit and the analysts expectations. the one thing that we should note is sales growth has actually been slowing. that is not a good sign, the winning numbers therefore lulu lemon. let's take a look at the broader market, as well. we are all waiting on the jobs report tomorrow, clearly. major averages not too far off the unchanged line. the nasdaq composite finally back in the green. it has been weighed down by apple. right now it is up about .5%. dagen: charles payne loans" lulu lemon. he is not here to talk about that. holy moses. charles: he had a bad stuttering
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problem. connell: the salesperson? charles: he was so outgoing. i just loved him. all the people who have excuses for not working, here is a man who has a stuttering problem and he was working. connell: you have yoga pants? dagen: we call them casual wear. [ laughter ] connell: we are going to talk about apple. they will bring some manufacturing home for the u.s. charles: about $100 million in 2013. we know that is a tiny, tiny, tiny, tiny amount of what they spent on fraction. i think this public opinion thing about bashing these companies that do not do certain manufacturing in america, it is somewhat misguiding.
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the same critics who are now saying we not stop back here were saying we were exporting the rest of the world. now, we are saying bring those jobs here. you cannot bring them back at the same wage. i do not think we have a responsibility to create a certain kind of job, but we have a responsibility to create jobs. if you want those chinese jobs, you can have them. dagen: steve jobs told president obama that those jobs were not coming back. charles: somehow the administration going after profit, you know, whatever it is, you wanted or public opinion, now if you do not start to do this stuff, we will go out and take it. caterpillar is one company to watch. their ceo has been on top of this. he has been very defensive about the fact they are still creating
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jobs here and abroad. apple, by the way, 60% of business outside of this country. dagen: it is not just about price, it is about scalability and adaptability of the workforces in this nation. charles: there is no dow about it. natural gas gives us an amazing advantage. wages have gone up dramatically in china. we will benefit from that as well. be careful what you ask for. do we really want a whole bunch of four dollars jobs in america, the answer is, no. connell: thank you, charles. great stuff, as always. the irs wants back taxes from amazon. dagen: no shame. one of the most popular places to do your holiday shopping. that is exactly the video we picked that we are going to tell you about coming up.
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just make sure this is not a public restroom, please. [ laughter ] ♪
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>> 23 minutes past the hour. i am jamie colby. this is your box news minute. the assad regime is loading gas into bombs for the appointment. 500 times more toxic than cyanide. hillary clinton holds an emergency meeting with russia's foreign minister and the un peace envoy for syria to discuss the issue. approving the delivery of missiles to turkey. that aimed to protecting the nato area against attacks. deciding to okay the move after mortar rounds killed five people. missiles expected to arrive in turkey next month. the presidential palace is looking more and more like a camp. the egyptian military and selling our buyer.
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the worst round of violence in two weeks. clashes killed seven last night. those are your latest headlines. back to dagen and connell. dagen: thank you. if the u.s. goes over that fiscal cliff, people in california will pay a ton in extra taxes. california would have the highest earners there would pay almost 52% as their marginal income tax rate. the highest in the country. the only state that would have a calculated rate would be hawaii. three percentage points to the marginal state income tax rate. we will have entrepreneur ethan anderson coming up, maybe tomorrow, to talk about what that does for business. connell: the tax man is for amazon.
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the irs calling for back taxes after accusing the company of avoiding billions of dollars of taxes in the united states and europe. the accusations, after amazon bought a home in luxembourg and channeled their sales through it in order to create a tax shelter for the american and european governments. the stock by $0.24. dagen: make sure to wash your hands before you check out. according to a new survey, 16% of online holiday shopping is conducted on the pot. from the toilet. in the john. more than 38 million adults admit to shopping with their pants around their ankles. the study did say men are more likely than women to shop when they are on the pop. the study comes to us from cash starved.
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that is disgusting. connell: that is multitasking. great video. dagen: they always talk about your phones being really nasty. connell: the dirtiest thing in the world. where is the incentive for the president to make a deal? he has to trust the voters. some of the polls have been saying that. why make a deal. juan williams on why the president should cut a deal with the republicans. dagen: causing companies. bonnie. these are not losers, they are winners on the s&p today. ♪
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call the number on your screen now! connell: back on market now. he has the support of the voters. juan williams is here to tell us what incentive the president really has to broker a deal. a story we continue to follow here, america's greatest rivers are drying up. it is at a great cost to our economy. playing games like farmville to make some real money. zynga. that is all coming up. dagen: bottom of the hour. stocks now and every 15 minutes. nicole: i am right where men's warehouse trades here on the floor of the new york stock exchange. when you take a look at the stock, you can see it is a big loser today.
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down 5% right now. they came out with numbers. by the way, before i get to the numbers and talk about their guidance, i want to tell you it is very heavily traded today. about four times the average daily value. it shows everyone is getting in there. they did see sales growth, but they lowered their guidance for the year. that is one of the reasons why you are seeing that sellout. they saw that weakness and the u.s. and canada in the same store sales. i have been there. it is a great story, great service. a little pricey, but great. the stock is down 5% today, dagen and connell. dagen: thank you very much. voters seem to favor the president. a new poll shows that 53% trust president obama to avoid the fiscal cliff compared to just 36% for republicans. let's bring in juan williams.
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he -- is it to make sure the republican take the blame for whatever happens? >> no. i will say this, the reason the president has been out campaigning is to amp up the politicallpressure on republicans and let them feel the heat from the public as a prospect that they would but taxes go up on everyone wheee there is a deal that would keep taxes down for 98% of the public. dagen: what about sticking to their guns? the president said he will not cut a deal without raising taxes on the wealthier americans. maybe they go off a little bit. is that a compromise that both sides would be willing to, well, eat? >> that is exactly the compromise that everyone around washington is discussing.
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the number that everyone is focusing on is the 37%. you also have, as part of that package, discussions about exactly how much, dagen, they would cut in terms of entitlement. dagen: secretary geithner caught in an interview that he gave this week, said that thee are absolutely willing to go over the cliff. do you buy that? >> yes. they have a sense that they have boehner and the republicans in the house on the defensive. use the more republicans now saying they are willing to, in fact, raise tax rates if they get serious entitlement cuts and serious spending cuts. if the republican caucus and
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republican poliiical weight, at the moment, if you look at the polls, there is no dispute. although polls show that republicans will they are about three quarters of the blame. dagen: one of the reasons that bill kristol came out after the election and said they just need to step back and give way to these income tax rate increases because the president juan and they will wind up getting blamed one way or another if this thing goes wrong. >> you are talking about eligibility. maybe even taking it away a little bit. that is for upper income
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earners. if you just say, you know what, we will tailor it now. two people who really may arguably be said don't need it. i think that may be acceptable to democrats. dagen: would it be helpful to everybody if these discussions were open door and more transparent, which has been problematiccin the past? >> well, you think back to the healthcare debate. the president, of course, had promised that it would be more transparent in the future. these negotiations are such a critical point and both sides have put their, you know, bargaining chips on the table. if it was transparent, you would have so many pressure groups interfering that nothing would get done. the fear here is let the big boys play, and i don't know if you have been following this,
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but, in the paper this morning, there is more confirmation that route republicans are invested in speaker boehner and entrusting and him. dagen: fascinating stuff. juan williams, great to see you. >> connell should have told you about why there is such long lines at the men's room. everyone has their iphone out. that is what is going on in there. dagen: all y'all discussed me. connell: you have to buy them some more. dagen: as i said earlier, just don't do it in a public restroom regardless of what you are
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doing. >> what an imagination you have. connell: thank you. what an imagination you have. dagen: i really need to stop now. connell: yes, you do. dangerously low levels on the mississippi river. dagen: fox news mike ttbin is standing by where the mississippi and missouri rivers meet. >> if you look over my shoulder, you can see that big sandbank that lines the mississippi. that gives you an idea of how low the water is. the rapidly arriving at a point where it will no longer be cost-effective for the barges to push north of the ohio river. the whole thing is enhanced by federal policy. this is where the missouri and mississippi river, to the other.
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they are currently withholding water that would flow down in this direction. the missouri river says the missouri river basin needs to take care of it needs first. the water that would flow down here is being withheld. you have companies like nighthawk call in illinois, they are telling their employees they will have to shut down. they are talking about shutdowns. they are talking about employees, hundreds of them, going through the holidays without a paycheck. until that time, the only team that will make the situation here better is rain in the midwest and it is not forecasted. connell: a big economic story.
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mike tobin. dagen: thank you, mike. games like farmville baby able to soon bring money into your wallet. connell: let's look at some rates. here is the treasury yield. ♪ ♪ ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your sh list at the winter event going on now through december 31st. [ santa ] ho, ho, ho! [ male announcer ] lease a 2013 e350 for $579 a month
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at your local mecedes-benz deale i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> i have your fox business brief. jobless claims fell more than expected last week. the labor department says the hundred 70,000 americans filed for first-time benefits, but the less volatile four-week moving average was at a 15 week high. chris smith reported employers
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announcing to lay off 50,000 people last month. the third straight month of increased job cuts. shares of chipmaker fraud, are getting a boost. the company raised its fourth-quarter sales cast. that is the latest from the fox business network. giving you the power to prosper. ♪
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connell: we are back to talk about zynga. real money online games. what games will be available and when will you be able to play. dagen: and will they be fun.
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shibani: this may make farmville a little more tolerable. imagine playing words with friends and taking big game of a knot, maybe wagering $10 with a friend or relative. that is an experience that zynga is going for. it has filed paperwork in the state of nevada. filing paperwork to hold a gaming license in that state that could allow people to wager real money on the platform. that could be really interesting. "this filing continues our strategic effort to enter the regulated real money gave ailing market and a proven way." it makes a lot of sense for the company.
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navy you can finally become a farmville addict. dagen: i hate it. i have never been interested in gambling. i love vegas, do not gamble. connell: thank you, shibani. dagen: give me a little bit of credit. connell: a quarter till the hour. nicole petallides is back to talk about the markets. nicole: we have a company here speeding up some dividend and share repurchase. let's take a look at satellite radio sirius xm. the stock has been up all
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morning. they approved a $2 billion common stock repurchase program. also, the fact that they declared a special cash dividend at five cents a share on common stock. that will be available on december 28. not january when the prices go up. they are getting that in. almost 200 companies have done exactly that. here is a look at it right now. of 2%. a winning day on wall street. the tech heavy nasdaq is up. connell: some sports coming up. kobe bryant making nba history for the lakers. dagen: profiting. one of the biggest nail polish companies in the world. how is business in this economy?
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let's take a look at some of the winners on the nasdaq. ♪ want to try to crack it? yeah, th's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and oth health professionals who helped us achieve the hhest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide...
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which means better health outcomes... and more quality time to share with the ones o matter most. i love you,randma! [ male announcer ] humana. ♪
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connell: kobe bryant from the los angeles lakers crossing the 30,000-point mark for his career. the youngest player to ever do it in the nba. lakers beat new orleans 103-87. kobe is fifth on the all-time list. kareem is number one. dagen: we are smack in the
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middle of the holiday shopping blitz. a great time for companies to way about their business. how is a nail polish giant doing that? george joining us now from los angeles. how is business this time of year? i would think it would be great. >> i think it is fantastic. we are looking for another great year. we are up double digits. women are still putting on nail polish. it is accessible. it is an affordable luxury. in today's economy, the woman wants to go to the salon and get away from the problems of the world. and sometimes from a husbands or boyfriends. you never know. dagen: from your mouth to every man's year in this country, that
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is exactly why we go and et our nails done. how do you differentiate yourselves from other companies in the market? because, again, when you go into these salons, there are so many options and there are so many innovations that are happening: you talk about the nail lacquer, how are you innovating? how do you continue to grow share in an increasingly competitive environment? >> well, we try to stay ahead of the game. we have collections. i think one of the big trademarks of our product is the quality and intensity of colors, of course, joe kohler has been tremendous for us. the whole joe market opened up the professional market. we stay true to the course.
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when they get opi on their nails, you know it is quality. sometimes they would pay a little bit more to get a better product. that is where the opi name comes in. connell: we talk about the tax rates going up at the end of the year, potentially, for everybody. highly likely they will go up for the wealthiest of americans. in california, the top tax rate will be close to 52%. are you comfortable paying taxes at that level? >> comfortable or not, that is the price of living in california. i think there is a responsibility that each one of us has. we have to pay our fair share. it is what it is.
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dagen: okay. [ laughter ] >> i do not think we should get bogged down in the present, it is more important to go along with business and make more money so we can pay the taxes. dagen: well said. thank you for being here. george schaefer. happy holidays. >> thank yyu. same to you. connell: talking about guns. smith & wesson for you. dagen: gun checks done with the fbi on black friday. sandra: gun sales way up over president obama's first four years. all that uncertainty. it has spiked gun sales. smith & wesson shares, this is a year to date chart, of 170%. this reports earnings after the bell. twenty-four cents a share.
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they recently raised guidance. it does not look like that is going away anytime soon. tonight, one other winner we are looking at is h&r block. up 3.5%. largest tax cut company in the world. australia had a really strong tax season. a loss of $0.39 a share. they do typically take a loss in this particular quarter because it is not the most busy time for doing taxes. they said they are very optimistic heading into the tax season. this stock looking pretty good. up 3.5%, up 10% for the year. connell: thank you very much. dagen: they were in love and then they weren't, with apple. they have gone gold, investors.
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for good. connell: cheryl and dennis are coming up to take over coverage with the latest on apple and whether investors have already seen their best days with the stock. i don't know. we will be right back. ♪
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mac i am cheryl casone. dennis: i am dennis kneale. apple shares are higher after selling off for days. investors bailing out and taking a big capital gains before higher taxes. is there more at work here? have we fallen out of love with the beloved land? cheryl: plan layoffs increasing for the third straight month. tomorrow we need to look at the big number, the government number. coming up a unique perspective on the employment picture from president of the black chamber of commerce. dennis: tea party favorite
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senator jim demint leaving the senate to run the heritage foundation. cheryl: fascinating move by the senator. coming up on the top of the hour. stocks every 15 minutes with nicole petallides on the floor of the stock exchange. nicole: today is a day on wall street we are nottfar from the unchanged line when you look at major market averages. investors 6 points and everyone eagerly awaits the all important jobs report number tomorrow which is arguably the most important economic report we get each month but the tech have been nasdaq composite is something grabbing folks's attention. apple has been under pressure, that is the different story today. here's a look at the nasdaq composite up 1/2% which brings me to apple. apple has been under intense scrutiny. we have seen stock sell-off more than 20% from highs that it hit in september. it traded as low as 518 today and yet people running in and
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scoop at up and here it is at 551. certainly has been jostled around, back in positive territory and a buying opportunity. cheryl: we will see what investors do with that this afternoon. thank you very much. dennis: ceo tim cook says for the first time in years apple will make something in the u.s. -- starting next year. cook saying it is the company's responsibility to create jobs in the u.s. so he is doing this only for the fading mac line, not for iphones that make half of the sales of the company. cheryl: he was very defensive about job creation. if you look of the transcript we get peaks of the interview and basically saying we are creating jobs and if you look at the partners, 6,000 jobs. i don't know if that can fly or not but that is his point. dennis: i don't think it is the job of a company to create jobs.
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a company creates wealth for shareholders and good products and services. where does that is a matter of economics and have to flow to the highest yield. it is not a corporate responsibility. it is not patriotic duty of corporations to create jobs in this country. stuart: to have jobs here give them better conditions. for creating jobs. cheryl: let's stay on the jobs issue. job cuts increasing for the third consecutive month. employers announcing plans to lay off 57,000 workers in november. that is 20% from october, up 20% from october. the government jobs report going to be coming out tomorrow but no matter what, look at this, this is the unemployment rate for african-americans compared to the jobless rate. at huge disconnect here. kerri albert, national black chamber of commerce president and ceo. why do we have record unemployment levels for african-americans in this
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country right now? >> i get started with the great society that brought us to this point where you have poverty industrial complex is what i call it, a high number of people who feel they can stay home and collect checks, food stamps, free breakfasts, collect all sorts of goodies from the federal government and our president barack obama incentivize that even more so, increased food stamps to record levels. why don't we take all of the money we spend on poverty, anti-poverty which is a misnomer, take all the money, collectively, and put it in a full and start spending that money on jobs, to work, ending people paychecks. cheryl: you are very well known for being someone that empowers the african-american community about starting businesses. what we are seeing not just in the national unemployment rate which is how 8% seems to be saying but also a lot of
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pressure on small business from the administration whether it is taxes, regulation, small business owners and particularly african-american donors are not growing their business. what would you say to the administration to incentivize small business owners in the community. >> close of the environmental protection agency. they have 6,000 regulations coming down the pike in the next few months that going to be taxing and assessing fees to small-businesses. obamacare will put a record number of businesses out of business because of the enforcement of the mandate of providing health care you can't afford. cheryl: you say what we are doing as poverty nation as you colet, incentivized poverty is draining the u.s. taxpayer. talking about entitlement programs, welfare, do you think we have any chance of addressing
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those issues in the fiscal cliff debate? >> in the fiscal cliff, no. it will take strong leadership that has yet to set forward. in my life, i would love to see the ending of all these poverty programs transformed into job creation, making people go to work or else they are on their own. liz: you are a fascinating voice in this debate. thank you very much. dennis: he is my new contrarian hero. that was a great interview. christmas is starting early for congress. the house of representatives is homeward bound. cheryl: they are leaving town despite the fact we are nowhere close to a deal on the fiscal cliff. what is going on, rich edson? "imus in the morning" rich: house republicans will host the events with small business leaders in their districts and highlight what republicans say will be the
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economic damage small-business from raising income-tax rates on families earning $250,000 a year. president obama is leaving washington too though he is only heading across the potomac river, going to suburban virginia to speak to a middle-class family and he will press congress to protect those making less than $250,000 a year from tax increases by raising rates on those making more. in washington it is the same fight. >> president obama, democrats in congress have ever been ambiguous, provide economic security for 90% of american families and 97% of small businesses asking the wealthiest 2% to contribute just a little more to stop this runaway debt. >> what the president is really interested in as we learned just yesterday he is getting as much taxpayer money as he can first by raising taxes on small business that he believes are making too much money and then
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on everybody else. >> there is movement on these talks and president obama and john boehner spoke on the phone days after republicans offered a hundred billion dollars of tax revenue. republicans say they're waiting on a counteroffer from the white house. back to you. dennis: should republicans hold out and let us go over the fiscal click? john brown of euro pacific capital is with us and former adviser to british prime minister margaret thatcher and he joins us with his take. thanks for being with us. do you think we are going over the cliff? >> cliff of sorts. the fiscal cliff was created by politicians who lack the courage to do the best for the american people. and already has done severe damage to the economy. now we have democrats who want to suck money out of the economy
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in tax and we have rhino republicans in name only who wants spending cuts. both those things will do damag% to the economy and any compromise will damage the economy and push it further into deep recession. neither side discusses the real problem which is the enormous costs of big government. cost in money and regulations and intrusion. neither side discusses that because they are career politicians and big government is their career. dennis: what should republicans do? should they cave and let tax rates go up on the rich or hold out and let the company -- the country go over the cliff? >> they hold out and let the country go over the cliff and aasolutely insure this lending limit, borrowing limit is enforced. to force government to shrink itself. this is the only way they will do that in my opinion, to have
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strict term limits for politicians in the future, single term limits so that politics is a duty and no longer a career by buying votes with voters money in perpetuity and that is what the fiscal cliff is all about. is sucking money in a huge transfer from the private sector to big government and big government is totally destructive to the economy and the morale of the nation. dennis: i think the notion that the congress will introduce term limits is on display in a redesign of fantasyland. let's say we do go over the cliff and instead marginal rates go up on their ridge. this doesn't have to be a devastating blow to the economy. doesn't capital at some point find a way to make money? >> all i can tell you is when i came into parliament with margaret thatcher as prime minister the top rate of tax was 92% on the ridge and england was dealing its way into the ocean. margaret thatcher dropped it in
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the first month to sixty% and then 40% and we had an explosion of enterprise in britain and that is the proof that high taxes destroy wealth creation in a country and destroy incentives for anybody to be successful. dennis: thank you for being with us, john brown, good to see you again. take care. cheryl: we are getting breaking news into fox business. according to partners at the wall street journal there's a deal in place to bring apple products to markets together with deutsche telekom. the chairman of deutsche texaco, calling it the final piece of the jigsaw to boost competitiveness in our t mobile usa deepened abilities of breaking news is apple and t mobile usa have struck a deal, one of the last pieces, the distribution model. dennis: t mobile is getting the iphone 5 or something. good for them. dennis: legalized pot in washington state and colorado.
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remember the feds say no way. dennis: gas prices coming down just in time for your christmas shopping trips. we will check with phil flynn to find out why. as we do every day at this time look at oil, down 2%. [ male announcer ] this is steve.
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he loves risk. but whether 's climbing evert, scuba diving the great barrier re with sharks, or jumping into the marke he goes with people he trus, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.
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dennis: 15 past the hour, stocks every 15 minutes. team coverage. cheryl: phil flynn in the trading pits of the cme where gasoline futures are tanking and sandra walking earnings and nicole petallides, for the stock exchange where stocks are higher by a little bit so something to go on. nicole: we are trend mr. king a little higher, not far off of the line, like apple has been lower and back in the green and helping the tech heavy nasdaq shows in green arrows and been under significant pressure. dow jones industrials crossing the unchanged line again and again, worries about fiscal cliff tomorrow is the all-important jobs report. right now you see the dow up fractionally, up about 10 points. that is the latest on the floor of the stock exchange. was going on at the cme? phil: the day after the biggest
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gasoline inventory build in 15 years gasoline futures are up, trading close to 0 one month low. they're under a lot fresher this morning not only from that massive amount of supply but the comments out of the ecb and mario draghi. the good news is retail gasoline prices just in time for the holidays should be coming down dramatically. we are here in some areas where they could drop as much as $0.30. if you look at other markets it is not all good news. we are seeing a lot of nervousness in the gold and silver. to my favorite straight shooter, sandra smith. sandra: looking at a handful of retailers that are big movers today. cuyahoga inspire athletic retailer doesn't work. this stock up 54% getting another 3% boost today, came out with better than expected results and same-store sales of 18%. walk out on the street and you will see someone walking by in
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lulu when beer. the pp is 48, a pricey stock but analysts say the average rating of whig with a price target of $82 a share at 70. these guys get hit today. 0 bradley, men's where house put out disappointing fourth quarter outlooks but lulu lemon keeps going. dennis: that is a pricey multiple. sandra: some great pants. dennis: they make me look at. thank you. cheryl: is time to make money with charles payne, looking at texas-based energy company. charles: it is the topic of the day because the department of energy came out with a gigantic study on liquefied natural gas and for the most part after reading all of it the upshot is it is a great thing for america's economy. at the forefront of this, they got approval to export liquefied
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natural gas a year ago. the day they got the approval i contacted the company and a secretary said we can't talk to anybody, we're all partying. the stock, subscribers have been in this three four times, this is capital intensive. they have $11 billion and raised -- putting this on and start to export this by 2015. chris that given the dim view on gasoline and zynga wire investors' optimistic this will allow president obama to turn positive? charles: if the president will see the numbers he likes like manufacturing the only edge we have a, this is why this is so amazing. natural gas costs $16.58 in japan. is less than $3 here and $12 in europe so we will have a competitive advantage to be able to put some real pressure on the global world with respect to
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rebuilding manufacturing. the president would be out of his mind to heard this. he may tax it, he may take money from it but he will not stop this from happening. it has been an economic miracle everywhere in this country and this company at the forefront, got to take a look, that is one -- dennis: great dancer and a fantastic shirt and tie combination. cheryl: same day delivery. we will hear from a ceo who says he can do it better than walmart or even ebay. dennis: low water levels on the mississippi may bring delivery costs through the roof. cheryl: we will take a look at the world's currencies and how they fare against the u.s. dollar. you have the euro at $1.29.
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cheryl: 23 minutes past the hour. this is your fox news minute. the chief of u.s. pacific command briefing on the situation in north korea as a rogue nation plans to launch a long-range rocket. nuclear arm regime cents they're sending the satellite into orbit but washington sees it as a cover for mitchell said -- missile tests possibly aimed at the u.s..
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a u.s. military official telling fox the assad regime and loading serin gas into bonds for deployment. the deadly nerve agent is more toxic than cyanide and secretary of state hillary clinton hold an emergency meeting with russia's foreign minister and the un peace envoy for syria to discuss the crisis. in egypt the presidential palace is looking more and more like an armed camp. egyptian military installing barbwire barricade and tanks after a night of that the protests. the worst round of violence in two week. clashes between rival demonstrators killed seven last night. those are your headlines. back to dennis. >> retail giant ebay and walmart are launching same day delivery in select cities but a small british startup armed with $5 billion in venture capital funding is aiming to gain a foothold right here in the rapidly growing quick delivery retail segment. joining us from san francisco is
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tom allason, founder and ceo of shuttle. thanks for being with us. first of all, aren't we getting -- do we really need same-day delivery? why can't i we two days? >> you can wait two days if you want to. our view is sometimes you don't want to. our proposition is just about getting delivery right away. it is letting the consumer get delivery when they wanted which is either right away, within minutes of purchase, are quick as a delivery took us 15 minutes, or one hour window of the shopper's choice, same day or any day and operates 24 hours a day, 365 day as a year and can be offered to the consumer at a comparable price point which often means free. my question would be why wouldn't you want to get your shuttled? dennis: i can walk in a store and buy the product there. it does sound like a compelling pitch. you started this $5 million in
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funding and is because -- [talking over each other] dennis: they tried to invent their entire network. are you are doing in bidding together a bunch of existing local courier services. >> correct. we aggregate the capacity of the local point to point companies who for short distance journeys can be cost-effective, the traditional pub and spoke ups fedex model of delivery that retailers and shoppers are used to working with. dennis: could you end up -- this type of model with same-day delivery and -- could it ever challenge ups and fedex? >> ups are investors in shuttle. far be it from me to say that. our viewers certainly, for a share of the consumers, want it. we would be competitive. dennis: air well here after $10 per delivery price, a takeover
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offer from u.s. may be in your future. thanks very much to tom allason. -p>> thanks for having me. cheryl: the stock we're talking about at the top of the hour, apple. look at the stock, it is moving higher, an interesting day for this company. of this stock doesn't bounce back further apple is going to take down the entire market. connell: 18% of the nasdaq. they are calling it the twinkie apocalypse. why the spongey cake is responsible for a surge in job cut numbers. cheryl: look at today's s&p winners and losers. netflix, starbucks, saveway and more. we will be right back. having you ship my gifts couldn't be easier.
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dennis: and weakness in apple take down the market? we have a bear who frets about it, senator jim demint abandoning ship, quitting congress to run the heritage foundation. twinkie apocalypse, the spongey cake is responsible for a surge in job cuts numbers. it is 30 past the hour and we have stocks >> caller: minutes. what about apple? nicole: let's look apple. apple traded as low as $5.18 but back in the green so shareholders who were worried, not at the moment. there are a couple things headlines have been hitting apple, it hit that market where it crosses 20% below september highs. you remember when it was at 705 in the middle of september and traded as low as 518 but when i talked to traders on the floor, pull back the buying opportunities at these levels and so we do see it now back up
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$7. we should also note a couple things about the iphone for example slipping in china. also another point is there creating mcintoshes in the united states. they face intense competition with the ipad. a lot of little headlines and always the patented samsung and china mobil land all kinds of things. right now apple is that $7.50 on the day with the dow just turning into the negative. cheryl: good point about the iphone, relation to revenues, thank you very much. my favorite bear is back and she is save apple doesn't rebound soon, it will be the elephants running for the doors in the market overall. kathy boyle, chief advisor president is here. you say the volatility, the 50 day activity on the stock has you concerned. >> the joke was one was apple going to charge 2 and 20? so many hedge funds, 85% of
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hedge kinds in the top 10 positions because it has been a phenomenal shot at an unbelievable run up 74%. cheryl: the biggest holders of apple mutual-fund perspective. who doesn't own the stock market? like america that does that. >> it is 12.5 million shares. when these guys want to get out of something that is what we are afraid of that has happened before. they are running together at the same moment. cheryl: institutional mood is understandable. if you look at the plus or minus move is 1.7% and share price perspective is a brutal hits to the stock and scenes that have got more volatile if we look at that specific part of the chart and continues. >> when it got to 700 they were calling -- everybody's thinking they can't lose. we are down head -- to 520 and back to 594 and 519 this morning, we're bouncing but it is fading. cheryl: one of the things, a
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small percentage, coming from this interview with kim cook and messed up ony application, he admits that and handled the entire thing and also talking about perfective there going to be making macs in the country, the other side? do you care? >> you only care about how the perception of that is handled in the market. if it is handled negative, if people think nails in the coffin, samsung galaxy, the phone doesn't break, he is not steve jobs, he said this morning in an interview that steve told him not to question himself and think what would see the do, these are things you are worried about, coming at an end of your lot of pressure on capital gains anyway and hedge funds do not want to lose that game and even if you solid now use of big gains. cheryl: the past perspective another part of the conversation of wide we are missing apple sell-off because you have those that are trying to avoid the tax from the fiscal classes teaching exactly and a lot of people in
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love with apple. i know people personally to have save them. this is what they have been living on, selling a piece of the apple. a lot of people -- [talking over each other] cheryl: to -- [talking over each other] >> that is a very dangerous position. i know more than one person in that position. you hear them say, apple come to the rescue multiple times. [talking over each other] cheryl: warranty going back into it. >> people have a difficult time doing that. i have a young lady we're helping with the financial plan with for the shares of apple and bought $85. she is in debt. i said sell it, that is what the stock is there for and she ii in love with it and doesn't want to still a. gerri: investors of america, you're talking to them. thank you very much. interesting perspective on that stock. dennis: we have breaking news on hasbro, the toymaker the latest to move up payment of its quarterly dividend with higher taxes. the dividend payment of $0.36 a share would have been paid in
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february, sent to shareholders on dec. 28. someone 170 companies have sent special payments bump them up earlier to from run those tax hikes in january, 15% dividend tax rate could rise as high as 40%. they are calling it the twinkie apocalypse. at the top of this illegal the challenger is out with its november layoff report showing 34% spike from last year, november job cuts planned of 20% from october, the end of twinkie is responsible for much of it. the november surge led by the food industry which are over 19,000 cuts in the month 18,500. those are at hostess. the bulk of that is because hostess went into liquidation after it shut its operations when it could not reach a settlement with the bakers union. cheryl: the story that keeps giving and giving, that is for sure. the next government bailout, we could tell you the billions of your taxpayers going to save the
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federal housing administration. we are going to show you how they are lighting up the washington state to celebrate the first day of legal pot. also as we go to break switching gears, look at the ten year treasury. we will be right back. want to try to crack it? yeah, that's the way to do it! now we need a ltle bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male a announcer ] humana thanks thphysicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare vantage company to achieve a 5-star rating for a medicarelan... your effortresult in the quality of care and service we're able to provide...
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which means better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ tracy: i am tracy byynes with your fox business brief. of the growth in u.s. climbing in the third quarter increases in stock value and roof prices decent portfolios and federal reserve report shows network rose to $54.8 trillion from july's to september. homes facing foreclosures jumped in the third quarter outpacing sales of bank owned homes. and increased efforts by lenders for closing with unpaid mortgages, short sales accounted for 55% in some stage of
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foreclosure. continuing to hover near record lows. the average rate in at 30 year fixed mortgage is now 3.34%. that is the latest on the fox business market giving you the power to prosper.
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liz: time to or west coasts minute, if the u.s. those of the fiscal cliff people in california will pay a boat load in extra taxes, the of calla earners will earn 52% marginal income-tax rate. zynga looking to get into the real game of gambling. and for a gaming license, that would mean gamblers in nevada could put down real money in names like zynga poker. the first day washington state residents conseco cox legally in
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public and in seattle they are doing that. huge crowds at midnight last night, like the new year's eve celebration according to several witnesses and a few cameras. the only problem is it is still against federal law and that is a problem for growers and sellers. detail people. that is your west coast minute. dennis: no word what this is doing to the productivity rate in washington state. the f h a is in talks eat, housing secretary shaun donovan wraps up his appearance beforee the senate banking committee. cheryl: let's go to peter barnes who is standing by in washington monitoring that hearing out of d.c.. peter: republicans charge that a bailout of the faa is coming and the housing secretary cannot rule it out. shaun donovan says washington certainly is closer to one after the latest audit of the f h a founded had a capital reserve shortfall of $16.3 billion but the administration says it is
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too soon to say if the fha will need treasury funding to avoid a bailout. the agency is increasing fees and making other changes. >> based on all of that do you expect a taxpayer bailout as we sit here? if so when? >> based on those steps, i believe we have significantly decrease the chance of having a bailout at the end of 2013 or having to draw on the treasury. won't assign a probability at this point. >> the administration says it will signal its intentions on treasury funding possible funding, when it releases its 2014 budget this coming february and actually make a final decision next september whether or not to pull the trigger. dennis: thank you, peter barnes. dealing with health care for business is more than just a numbers game. they have to face tough decisions and chris mayo is head
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of health care practice and joins us now from houston. thanks for joining us. what are two or three of the most important things you can tell business people watching for what they have to do to just? >> thanks, dennis. issue number one, the most important thing is to be aware of the new regulations that are coming out. there will be hundreds of pages of regulations between now and the end of the first quarter and they're going to need to know those rules because those rules fill in gaps the obamacare legislation left out. those rules of telling you how to calculate full time employees, how to provide notice to those employees of the new benefit provisions if you in fact change the terms of your plan. another big thing to keep in mind is how to absorb the new cost. there will be cost across the board. obviously there will be premium advances because cost of doing business in the insurance industry will go up. there's also going to be
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administrative fees that will be tacked on to the insurance companies for participating in the health-care health insurance exchange on the state level. free.5% administrative fee for these insurers will be passed on to the employers as they buy these small group plans in the exchanges. large groups have to deal with premium issues and how best to distribute those costs to keep business moving forward. dennis: overall, who is this hardest on these coming new rules? hardest on employers, on insurance companies or on medical health care providers? >> an interesting question. a lot of that story needs to be written. each one of those groups you mentioned is going to take a hit. costs are going to be passed on. the higher cost of doing insurance for no preexisting condition exclusion will be passed on to employers who are going to have to deal with it on the individual level. how much premium sharing is
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going to be done by the employees? medical providers have an entirely different issue to deal with as cuts to medicare go into place and their reimbursement is going to be down and with medicaid expansion a huge question as to -- in texas, we said no to medicaid expansion and the providers on that end have their own challenges. dennis: darden restaurants that we may bumps employees below 40 hours to avoid obamacare requirements and backed off after a backlash in the media. do you think employers are going to be basically cowed politically from not doing that or do you think we will see a lot of employers cutting people back to get out from under the requirement? >> what we learned is it is a multifaceted decision. you can't have a knee-jerk reaction. take the number into regulations this many hours, this many employees and start cutting time and cutting employment numbers. it has to be multifaceted
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decision. you have to think about how is this going to look in the media but you have to look real terms what it will do for more all if we all of a sudden become 49 full time employees overnight it is obvious what the motivation is and there's a difference between full time employees and part-time employees and for a small business who don't have a big marketing budget, they're marketing is direct customer experience. if you have a new type of employee that might affect that but after you think through all of those issues you sit down and make a measured decision and the best course for your business is within that number that is what you do. dennis: some cuts have to come somewhere. thanks for being with us. >> thanks. cheryl: 15 minutes, starks, you are watching mayor bradley. nicole: this is under pressure here, this is a name that you can see with a down arrow. they have come our quarterly numbers in the out what in particular. a lot of companies we have been
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hearing giving guidance that is below expectations and as a result we are seeing stocks down 13% here, everybody knows bradley for their bags and all kinds of accessories and stuff and anybody remember laura ashley back in the day, their outlook is weaker than expected. let's take a look at major market averages. dow jones industrials have turned into the red. the nasdaq composite and the s&p are higher but the s&p is virtually flat. the names holding on earnings like intel, procter and gamble, chevron. dennis: thank you. cheryl: we are getting breaking news. very interesting developments coming out of washington. our producer on the ground in d.c. announcing senator harry reid is trying to arrange a vote on the debt ceiling in the senate on the floor today at 2:00 eastern time, an hour and
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15 minutes from now. this is very strange. here's what harry reid said. he said, quote, senator mcconnell made a serious offer today to me with regards to the debt ceiling, a deal on the debt ceiling. i want a vote on it this afternoon. very strange but interesting, intriguing turn of the events. dennis: if you are harry reid and you run the senate and democrats controlled the senate you do not accept mcconnell republicans's proposal unless you get the outcome you want. they want the debt ceiling raised. mcconnell doesn't offer this unless he wants the death ceiling aised to remain a big uncertainty to work out a clip. cheryl: this news from one of our producers out of washington and this is just breaking right now so we will continue to follow this news out of the ec and get more details. cheryl: dennis: we will see the dow turned around on some optimism because having democrats and republicans working together at all on anything at this point seems like a rarity.
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elsewhere sports fans uniting in the court room, major-league baseball, hockey and others identify themselves with target of a major fan waltzes. cheryl: billions of dollars in cargo travelers threatened on the mighty mississippi. live for you on the scene and as we go to break take a look at the winners on the nasdaq.
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dennis: revenge of the fan is at hand, federal judge letting sports fans go ahead with a loss against major league baseball, national hockey league and networks, and argued way comcast
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threatened the package scores reduces competition to raise prices and stop fans from locking their favorite teams out of markets and black hawk 2, and the fastest billion dollars sellers of all time. and billions of dollars in sales in 15 days faster than the film avatar. from video violence to sweetness and light. a $3 million facelift in disney world in orlando doubles the size and include the new restaurant for the first time in forty years will serve alcohol. parents could use a good belt after spending a long day in long lines with children, especially their own. cheryl: i will not going to disney world probably ever in my lifetime, but good
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shareholders. [talking over each other] cheryl: near record low water levels on the mississippi are putting the river in danger, halting crucial barge traffic. dennis: they meet in hartford, a lawyer. >> if you look over my shoulder you see the long sandbar on the mississippi, giving you an idea how much the water is down from a normal year. the barges on the big river are like gloating, so they don't hit the bottom of the shallow river and rapidly approaching the point where it will no longer be cost-effective to push barges north of the ohio river and that will set down commerce and federal policy that is enhancing the problem with the low water. look over my shoulder read the missouri and mississippi come together. that is one dam that is
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restricting water, federal policy something called the missouri river master manual mandates the missouri river water needs first whether it is recreational water supply or hydroelectric, takes priority over navigation down here in the nation's largest artery for commerce. they are withholding water with companies like night hawk in illinois, to go through a temporary shutdown without paychecks of the holidays because they don't have barges to get their product to the market. there's a study being done by the army corps of engineers that could be released any time that could change the picture as far as releasing upstream but all they can do is pray for rain in the midwest. cheryl: quick programming note. save that time, we will show you tv's original batchmobile, its
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creator and the man who will auction off. must see television right here. tomorrow. dennis: one of the best tv theme songs of all time. inga pointing, foot-dragging, and dancing. cheryl: fiscal liftoffs getting interesting. neil cavuto will be joining lori rothman and melissa frances and in the next hour. there should be comments about what you have on your television screen. dennis: that is a former senator. this is america.
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melissa: good afternoon, i am melissa francis. lori: i am lori rothman. the president saying we can get a fiscal cliff deal done in one week but wall street not so sure. recession warning coming up.

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